The Washington Monthly

April 4, 2005

IRAs SAFE FROM BANKRUPCTY COURTS....The Supreme Court has unanimously ruled that IRA accounts can't be seized in bankruptcy proceedings. Good for them.

By the way, this almost certainly means that creditors wouldn't be able to seize Social Security private accounts either. They're still a bad idea, of course, but even so it's best to keep our arguments on the straight and narrow.

UPDATE: More here from Julie Saltman. Unlike Julie, I doubt that the current Social Security crisis influenced the court's decision, partly because it was unanimous and partly because they've previously ruled the same way on every other type of retirement account. IRAs were the only open question left, and today's ruling closed it.

I'm also pretty sure that there's no hope of keeping the pending bankruptcy bill from passing the House, but it can't hurt to try. If your congressman is on her list, give 'em a call just to let them know they're pissing some people off.

—Kevin Drum 1:52 PM Permalink | Trackbacks

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